Summerland Real Estate in 2005, What the Heck Happened?????

 Looking at Homes and Estates and Planned Unit Developments for 2005 in Summerland versus 2004, let's look at some of the numbers and see.

In 2004 15 single family dwellings changed hands. Compare that to 2005 when 13 properties moved. This translates to a decrease of about -15% in the number of properties sold. An interesting number but not where near what happened in Carpinteria.

So what about the List price of these properties? In 2004 the Median List price which is the one right in the middle of those 14 properties went on the market for $1,295,000 and in 2005 the Median List price was $1,655,000 for a 27% increase in one year. For 2004 the Average price was $1,619,466 but in 2005 it went to $1,742,384 a 7% increase. This is an interesting phenomenon where the average list price and median list price are percentage wise so much different. It looks like in '04 there were fewer expensive properties listed whereas in '05 most of the properties have come in at about the same list price.

Okay, the list prices were up in 2005 but what about the actual Sold Prices? The Median Sold price for 2004 was $1,259,375 and in 2005 it went to $1,600,000 for a 27% right at the percentage increase of Median List Price. The average price also increased greatly with 2004 coming in at $1,533,778 and 2005 showing up at $1,664,384 for an 8.5% increase slightly in front of the 7% increase in the Average List price.

So, sales are down about 15% but the Median Sales price continues to surge up 27% for the area.

Digging deeper into the numbers we find some other interesting developments. In 2004 16 properties came on the market but in 2005 32 came on. So double the amount of properties came on the market in 2005, but fewer sold. So what happened to all of those properties that didn't sell?

Well, in '05 5 got withdrawn as opposed to 4 for '04. 5 Cancelled in '05 vs. 0 for '04, and 9 expired in '05 as opposed to 6 in '05. Currently in the Summerland Real Estate just like the Carpinteria market we've got an increased expectation on the part of sellers that their house is going to sell for a lot of money. Then if the property doesn't sell they withdraw or let the listing expire.

So what happened in the Condo market? Just like single family homes the number of sales in the Condo market was down in 2005. In '04 there were 5 properties that sold and in '05 there were 3. That translates to a -40% decrease in homes that sold, an even greater number than single family dwellings. But when dealing with such small numbers percentages mean less than when you have a larger sample.

So what about the list prices? In 2004 the Median List price was $819,000, but in 2005 it went to $995,000 for a 21% increase. And the Average List price went from $798,100 to $998,333 for a 25% increase.

Okay, so the List Price went up. What about the sales price? In 2004 the Median Sales price was $549,000 and in 2005 it was $658,500 for a 20% increase. Not a bad return on your investment. And the Average Sales price went from $616,751 in 2004 to $665,848 in 2004 for an 8% increase.

Again, let's look a little deeper at the numbers. 4 Condos came on the market in Summerland Real Estatein '05 vs.7 for '04. 1 got withdraw in '05 as opposed to 0 in '04. 1 cancelled in '05 vs. 1 in '04 and 1 expired in '05 vs. 0 in '04.

So just like single family homes the number of sales was down '05 vs.'04 but the sales price was up about 20%. I guess the real question is what does that mean for the future? Well, all the economic blocks are still in a line. We've got a pretty low inventory of homes to sell, but there are a substantial number of people looking to get into the market. Combine that will still very low interest rates and things look pretty good. If you've got a piece of paradise I'd hold on to it, if you're looking to buy in the Summerland area I'd recommend sooner rather than later.

Well that's about it for Summerland Real Estate.......



About the author:

Gary Woods is a Real Estate Broker in Santa Barbara California and is the Computer Trainer for the Santa Barbara Association of Realtors. You can hear him on Radio 1290 AM Mondays from 9-10AM in Santa Barbara

 Gary Woods

More Articles 

Real Estate Rentals - Selling For More - Steve Gillman
Selling real estate rentals isn't like selling houses. You can paint a house, and get a little more because it looks nice. Rental properties, especially larger ones, are different, because they're bought by investors, who look at income more than...

Real Estate Postcards are an Effective Marketing Tool for Realtors - Jeff Charlton
Real Estate agents all over the US are finding that the aggressive use of real estate postcards to promote their name and services is very effective in gaining new clients and increasing commissions. Let¡¯s examine why postcards work. Real...

Assessing The Unique Features Of Commercial Real Estate Parcels - Jim D Ray
As commercial real estate development progresses into the 21st century, many of the principles upon which the market was founded remain the same. Whether you are a property owner, developer, or commercial real estate agent, identifying and...

Beat the Crowd when Investing in Real Estate - Peter Dobler
Copyright 2005 Peter Dobler We all are thinking about it and some of us are actually taking action and getting their hands on real estate investment properties. The longer the NY Stock Exchanges doesn't produce desirable returns the more people...

An Often Overlooked Secret of Marketing and Negotiating for Real Estate Investors Looking for Deals - Jason Van Orden
When you call sellers, what do you say? When you sit down to write a marketing postcard to find deals, what do you write? When you go to negotiate price and terms, how do you present it? These are scary situations and it is not unusual to be at...

How you can use Rehab, Refinance and Cash Out as a long term wealth building Real Estate Investing strategy. - David Neese
Today we are discussing a somewhat advanced strategy for you to use after you have been in the creative real estate investing business for a while. I call this "Rehab, Refinance, and Cash Out". This strategy can lead to true long term wealth...

The Real Estate Bubble Fallacy - Michael Setz
There has been a lot of talk lately about the "Real Estate Bubble", and a lot of folks are asking the question: "When it is going to burst"? They are saying that the market just can't sustain this level of growth and appreciation much...

Booming Real Estate Profits From Baby Boomer Investing - Chris Anderson
In last week's article, called "Irrational Exuberance, Part II?," I discussed some of our concerns about what is happening in the preconstruction investment real estate market. What many people have asked me is "if you're so concerned about the...

Real Estate - Chris Anderson
YEEHAW!!!!!! The south will rise again!! Can't you just imagine the Dukes of Hazard boys sitting on the hood of their car (the General Lee) grinning in front of a For Sale sign in their yard? Well, they should be smiling with the prices in the...

Real Estate Investing and Goal Setting - David Neese
What is the primary reason for success most people have that seems to elude unsuccessful people? Goal setting is the primary reason for success. Lack of proper planning is the number one reason for failure. Proper goal setting involves setting...

Finding A Capable Agent To Meet Your Real Estate Needs - W Troy Swezey
Whether you’re a first-time buyer, selling your current home or relocating to a different part of the country, the support of a qualified, knowledgeable real estate agent can alleviate many of your concerns and ensure a smooth transaction. A...

An Open Letter From a Home Owner To Real Estate Agents Who Make Cold Calls - Sabrina Hinds
Dear Real Estate Agent, Even if I didn't read the news I'd know exactly when the real estate market in my area is hot. Why? The number of phone calls from agents looking for me to sell my condominium to their clients increases...